Brookfield Class Action

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On September 22, 2010, a class action was commenced under the Class Proceedings Act, 1992, in the Ontario Superior Court of Justice by Wanda Bond on behalf of the shareholders of Birch Mountain Resources Limited.

The action was brought against Brookfield Asset Management Inc., Brookfield Special Situations Partners Ltd., and 1439442 Alberta Ltd.

The claim alleges that the assets of a public company, Birch Mountain Resources Limited, which were potentially worth an estimated $1.6 billion, were transferred to a private company, 1439442 Alberta Ltd., for a cash outlay of less than $50 million. A copy of the Plaintiff's Statement of Claim can be found on the Case Developments Page.

Supporting evidence for this class action can be found within the following documents:

  1. November 27, 2008
    Assignment And Option Agreement
    pdf

  2. December 10, 2008
    Early Warning Report
    pdf

Disclaimer
The annotated comments in the right hand margin of the above documents have been made by members of the class action and as such represent their personal interpretations. These annotations do not necessarily reflect the opinions' of the class action lawyers.

On March 9, 2011 the Defendants filed a jurisdictional motion in the Superior Court of Justice claiming that the Plaintiff lacked jurisdiction to bring a claim in Ontario. A copy of the Defendants jurisdictional motion can be found on the Case Developments Page.

On April 20, 2011 the jurisdictional motion was heard by Justice Paul Perell.

On April 26, 2011, Justice Paul Perell stayed the action in Ontario. A copy of Justice Perell's reasons for the decision can be found on the Case Developments Page.

On May 25, 2011 the Plaintiff filed a Notice of Appeal in the Court of Appeal for Ontario requesting that the Judgment dated April 26, 2011 be vacated. A copy of the Plaintiff's Notice of Appeal can be found on the Case Developments Page.

On November 16, 2011 the Plaintiff's Notice of Appeal dated May 25, 2011 was heard in the Court of Appeal for Ontario. A copy of the Appellant's Appeal Factum dated June 29, 2011 and a copy of the Respondent's Appeal Factum dated August 18, 2011 can be found on the Case Developments Page.

On November 16, 2011 the Court of Appeal for Ontario dismissed the Plaintiff's Notice of Appeal dated May 25, 2011 and stayed the Judgment of Justice Paul Perell dated April 26, 2011. A copy of the Order of the Court of Appeal for Ontario dated November 16, 2011 and the Endorsement of the Court of Appeal for Ontario dated November 23, 2011 can be found on the Case Developments Page.

On June 29, 2012 a Motion to extend the time to file and or serve the application for leave to appeal was filed in the Supreme Court of Canada. A copy of the Judgements In Leave Application of the Supreme Court of Canada dated November 15, 2012 can be found on the Case Developments Page.





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